What is life like for rich people in Paraguay?
Like it would be anywhere else. There are luxurious neighborhoods and mansions for sale (and also luxurious apartment buildings), nice malls, expensive restaurants, designer brands (such as Carolina Herrera, Louis Vuitton, Chanel, Tiffany's, Bvlgari, etc.), the latest electronic gadgets, private schools, and luxury car brands. You still get to see homeless people asking for money in the streets, but you get to see them in any country anyways (even the US). At least if you live in Asuncion and sorrounding cities.
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